Traders Using Twitter & Social Media for Inside Info?O
So, to the traders in the house, I'd like to ask you about this piece of news at Forbes, which reveals that commodity traders, especially, are using Twitter to keep tabs on the vagaries of American agriculture (for example) in the hopes of gaining access to real-time updates and sensitive inside info on everything from weather to soil conditions.
The article mainly discusses traders connecting with those on the ground (farmers, growers, etc) in the agricultural industry, but I suspect this is becoming pervasive seeing as it's a great way to get inside info from employees/companies across the board that doesn't make it into other mainstream media channels.
Of course, many businesses have made an effort to increase marketing efforts on social media platforms in the last few years, so a lot of what gets tossed around by those on the "inside" on these platforms tends to just be useless, self-aggrandizing BS and propaganda.
But, with 50 million Tweets per day, it's hard for businesses/management to keep track of what their employees are saying on Twitter, esp, let alone the gazillion other social media platforms and microblogging entities, like FriendFeed, Facebarf, MySpace, Yammer, Friendster, FriendFeed, Bebo etc etc -- and most don't. Granted, not every employee at Chrysler, for example, is likely to be connected on all of these platforms, but the truth is that social media sites have a knack for leaking (and breaking) news and sensitive info. And a lot of employees, or people on the ground are beginning to use them to stay in touch with their network, and a lot of it happens outside of exclusively private channels.
Albeit a slightly different beast, but look at what Wikileaks has done, recently releasing 92,000 documents on the war in Afghanistan, a leak comparable to the Pentagon Papers.
You may not agree with their ethos or tactics, Lord knows Fox News doesn't, and trafficking in some of this sensitive info, especially the latter (Wikileaks) case, is ethically questionable, but there's no doubt trolling and sleuthing on these networks can provide a serious leg up for those who can predict the causalities and results of these inside nuggets of data/info.
What do you guys think?